The Zhitong Finance App learned that Dongwu Securities released a research report saying that HashKey (03887)'s 2026-2028 revenue is expected to be HK$8.59/11.60/1,617 billion, up 18.8%/35.1%/39.4% year on year; the Group's gross margin is expected to increase to 62.8%/66.4%/73.4%, and adjusted net profit after excluding share payments is -5.88/ -3.77/ +HK$40 billion, respectively. Considering that the company is still in the early stages of core profit correction, the company was given 9.5x P/S in 2027, corresponding to a market capitalization of HK$11 billion and a target price of HK$3.98, covering and giving it a “buy” rating for the first time; the bank believes that the digital asset industry is migrating from Offshore to Onshore and from Crypto Native to Tokenised Assets for a long time, and it is expected that the company will continue to benefit from traditional institutional capital entering the digital asset market.
The main views of Dongwu Securities are as follows:
Asia's leading digital asset financial services group with a global presence
HashKey (03887) was founded in 2018 and is a leading digital asset financial services group in Asia with a global layout. With Hong Kong as the core, the company continues to expand Asian markets such as the Middle East, Singapore, and Japan on the basis of the three major businesses of transaction facilitation, on-chain services and asset management, and further complements institutional trading and settlement capabilities through Omnibus, OTC, and the proposed acquisition of APEX.
The onshore digital asset market is expanding at an accelerated pace, and the first-mover compliance advantage has entered the implementation stage
The digital asset industry is migrating from Offshore to Onshore and from Crypto Native to Tokenised Assets. Frost & Sullivan expects global onshore digital asset trading volume to grow from US$4.2 trillion in 2024 to US$30.7 trillion in 2029, with a CAGR of about 48.9%, with Asia becoming the world's largest onshore digital asset market. HashKey has been adhering to licensed and compliant operations for a long time, and is expected to continue to benefit from traditional institutional capital entering the digital asset market.
Institutionalization and regional expansion jointly drive transaction scale growth, and Asia Connect opens up long-term space
The trading volume of the 2026H1 platform increased 31.8% year over year to HK$282.2 billion, of which institutional trading volume increased 58.8% year over year, accounting for 82%; the Hong Kong platform remained leading, while the trading volume of the Middle East platform increased more than 5 times compared to 2025H2. In addition, the company further connects banks and brokerage channels through Omnibus, and is building Asia Connect around markets such as Hong Kong, the Middle East, and Singapore. The bank believes that cross-regional customer and liquidity collaboration is expected to drive the company's upgrade from a single trading platform to an Asian digital asset trading and settlement network.
Transaction scale expansion combined with gross margin repair, profit improvement path gradually became clear
Under the weak market in the 2026H1 industry, the company's revenue still increased 20.6% year on year, and transactions contributed to a 38.6% year-on-year increase in service revenue; the gross margin of the trading business recovered to 50.1% from 35.7% in 2025H2. As natural liquidity increases and dependence on external market making declines, the bank expects the gross margin of the trading business to further increase to 52%/59%/68% from 2026 to 2028.
Tokenization broadens medium- to long-term business boundaries
2026H1's RWA TVL reached HK$2.68 billion, an increase of 167.8% year over year; HSK Chain also further switched to financial infrastructure scenarios such as RWA, institutional finance, stablecoins, and on-chain settlement. In the medium to long term, the bank believes that Tokenization is expected to extend the company's charging process from transactions to issuance, technical services, distribution, financing and settlement.
Risk Alerts
Risk of large fluctuations in digital asset prices and trading activity, risk of regulatory policies and license acquisition, risk of overseas expansion and transaction execution, and cyber security and operational risks.